The fundamental news on the economic calendar for the euro to dollar pair began early this morning with a speech from Jean Claude Trichet who is currently in Japan and whose comments have had a negative effect on the euro in early trading this morning.  In brief Trichet stated that any non standard monetary policy measures to be announced next month would need to involve the banks because of their dominance in the eurozone finance, but he avoided providing any firm details to flesh out his vague comments.  We are now awaiting the trade balance figures for Europe which tend to have a muted impact on the currency market as these do not include Germany and France which report separately, and as they account for over 50% of the eurozone economy today’s numbers are considered relatively unimportant.  The forecast is -4.7bn against a previous of -5.5bn.

The day and the week ends with two items of fundamental news in the US based on the UOM (University of Michigan) reports, topped off with a speech by Ben Bernanke entitled “Challenges Presented by Innovations in Financial Services for the Undeserved” – I’m not sure if this is the entire speech or just the title!!  The first of the UOM figures is a consumer sentiment indicator and is based on a survey of 500 consumers who are asked to rate the current economic climate.  The forecast is for 58.4 against a previous of 57.3 and the figures have been in steady decline since early 2006 and are bumping along the bottom at present.  The release is coupled with the inflation expectation index from the same source.

It is worth noting that on Saturday there are several FOMC members speaking on a variety of financial subjects, along with a further speech from ECB President Trichet in Japan, so I would suggest that any trades are closed ahead of the weekend.

In the meantime you can keep up with all the latest fundamental news, latest currency news and live currency charts by simply following the appropriate links.  You can also find details on an excellent ECN broker.